At what point will exchange of contracts take place for purchase conveyancing in Stilton and do I need to attend the lawyers branch?

Where you are near to our conveyancing solicitors in Stilton you are welcome to attend to sign contracts. However, the law practices we recommend offer a nationwide conveyancing service and give just as comprehensive and professional a job for you when communicating with you digitally. The signing of the contract is not the important part. Signing on the dotted line simply enables the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Stilton)to be in the office at the appropriate time.

After looking at online forums for an affordable solicitor in Stilton, many advise that I should use a CQS assured lawyer. What is CQS?

Stilton Conveyancing Quality Scheme law firms have been granted certification under the Law Society's Scheme (CQS) CQS was brought about to establish evidence of quality standards in the in the legal transfer of properties. CQS helps home movers to identify practices who provide a quality residential conveyancing. Stilton is one of locations in England and Wales in which accredited firms have a presence. The scheme obliges solicitors to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Building Societies Association.

I purchased my apartment on 2 October and my personal details is yet to be registered. Any reason for this? My conveyancing solicitor in Stilton expressed confidence that it should be concluded in a couple of weeks. Are properties in Stilton uniquely lengthy to register?

There is nothing unique when it comes to conveyancing in Stilton registration formalities. Rather than based on location, timeframes can differ subject to the party submitting the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. As of today approximately three quarters of such applications are fully dealt with in less than three weeks but some can be subject to extensive delays. Registration takes place once the new owner has moved in to the property thus 'speed' is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.

Due to the guidance of my in-laws I had a survey completed on a house in Stilton before retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor advised that some lenders tend not give a mortgage on a flying freehold house.

It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stilton. Conveyancing may be slightly more expensive based on your lender's requirements.

I am attracted to a couple of flats in Stilton both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Stilton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stilton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Stilton Leasehold Conveyancing - Sample of Queries before buying

Who are the managing agents? How many of the leaseholders are in arrears for their service charge payments?